A total of $5.7 million in low-interests loans will be available to local small businesses under a new program from the city of Atlanta.
The Atlanta Recovery Loan Program will provide loans ranging from $25,000 to $100,000, to be repaid at a maximum interest rate of 3% for up to seven years.
The initiative, announced Tuesday by Mayor Andre Dickens’ office, is administered through United Way of Greater Atlanta and Invest Atlanta, the city’s economic development arm. Loan applications are now open for nonprofits and businesses with fewer than 500 employees.
“Without adequate financing to survive disruptions like the pandemic, most small businesses struggle to maintain their companies, let alone attain assets to grow them,” Dickens said in a statement. “This program will serve as yet another invaluable asset to help Atlantans build a resilient foundation for their companies.”
The funding comes from a $20 million donation Wells Fargo made to the city in January aimed at helping small businesses. The loan program is the first of four initiatives stemming from that “Atlanta Open for Business Fund.”
Businesses can use the funds for a number of purposes including property purchases, inventory and renovations.
“This loan program will help more businesses recover quickly and open a pathway to growth for all,” Eloisa Klementich, president and CEO of Invest Atlanta, said in a statement.
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